The Price of a Basket of Goods in 2000 Was

question 60

Multiple Choice

The price of a basket of goods in 2000 was $500. If the same basket cost $600 in 2002, identify the correct statement from the following.

• A) The price index in 2002 must have been 100 points higher than in 2000.
• B) The price increase between 2000 and 2002 was 10%.
• C) If 2000 is considered the base year, then the price index in 2002 must have been 120.
• D) If 2002 is considered the base year, then the price index in 2000 must have been 70.

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Definitions:

Breach of Contract

The act of not adhering to any stipulation of a contract, either written or verbal, in the absence of a legitimate legal excuse.

Jury Selection

The process by which jurors are chosen to serve on a jury, involving questioning by attorneys and the judge to determine impartiality.

Opening Statements

Initial remarks given by attorneys to a judge or jury outlining the facts they plan to present during a trial to prove their case.

Peremptory Challenges

The right in jury selection for the defense or prosecution to reject a certain number of potential jurors without stating a reason.